This February 15, 2024 is the deadline to submit the IAOC, here are the main aspects that must be considered:
WHAT IS THE IAOC?
It is the report that includes compliance with the policies and procedures of the Money Laundering and Terrorism Financing Prevention System -SPLAFT that the Obligated Subject has implemented during the year prior to its presentation.
WHO SHOULD SUBMIT THE IAOC?
Those natural and legal persons who, in accordance with the regulations, have the status of Obligated Subjects, including the following:
Companies in the financial system and the insurance system.
Credit card issuing companies.
Savings and credit cooperatives.
Those dedicated to the purchase and sale of vehicles, boats and aircraft.
Those who are dedicated to construction activity and/or real estate activity.
Real estate agents.
Those dedicated to the exploitation of casino games and/or slot machines, and/or remote games using the Internet or any other means of communication, in accordance with the regulations on the matter.
Those who are dedicated to the exploitation of remote sports betting using the internet or any other means of communication, in accordance with the regulations on the matter.
Those dedicated to the exploitation of lottery games and similar.
Customs agents.
Notaries.
Mining companies.
Those dedicated to the trade of jewelry, precious metals and stones, coins, art objects and postage stamps.
Laboratories and companies that produce and/or market chemical inputs and controlled goods.
Companies that distribute, transport and/or market chemical inputs that can be used in illegal mining, under the control and supervision of SUNAT.
Virtual Asset Service Providers (PSAV).
WHAT DOES THE IAOC CONTAIN?
The IAOC must contain the following information:
General Information of the Obligated Subject
Annual Operations Statistics
Main activities carried out to comply with the regulations relating to the Registry of Operations (RO)
SPLAFT Policies and Procedures
Training on issues related to SPLAFT
ML/TF Risk Prevention and Management Manual and Code of Conduct for ML/TF Prevention.
Others
WHAT SHOULD I DO BEFORE SUBMITTING THE IAOC?
The IAOC must be reported to the Board of Directors or equivalent body, or to the General Manager.
TO WHOM SHOULD THE REPORT BE SENT?
It must be sent to the FIU through the Portal for the Prevention of Money Laundering and Financing of Terrorism – PLAFT.
In the case of Obligated Subjects that have other supervisory bodies, a copy of the report may be sent to them.
WHAT HAPPENS IF I DO NOT COMPLY WITH SUBMITTING IT?
Failure to send the IAOC is considered a serious infraction that can lead to a fine of up to 20 UIT (S/103,000.00 one hundred three thousand soles).
For more information contact:
Mario Pinatte | CPB Partner | mpinatte@cpb-abogados.com.pe
Around the end of 2023, the decree that reforms, repeals and adds various provisions of the Securities Market Law and the Investment Funds Law was published in the Official Gazette of the Federation, which came into force on the 29th. December 2023.
To read more about these modifications, please consult the following links:
INITIATIVE WITH DRAFT DECREE BY WHICH ARE REFORMED, REPEALED AND ADDED VARIOUS PROVISIONS OF THE STOCK MARKET LAW AND THE INVESTMENT FUND LAW – BASHAM
CHAMBER OF DEPUTIES APPROVES BY UNANIMOUS VOTES THE DRAFT DECREE WHICH REFORMS, REPEALS AND ADDS VARIOUS PROVISIONS TO THE STOCK MARKET LAW AND INVESTMENT FUND LAW. – BASHAM
In summary, these modifications will benefit the Mexican economy by facilitating the active participation of individuals and small and medium-sized companies (SMEs) in the stock market and various investment funds in a safe manner. The introduction of new forms of investment, such as hedge funds, is expected to contribute positively to the Mexican Stock Market.
It is important to highlight that the CNBV must issue the general provisions mentioned in the decree, placing special emphasis on the changes made to both laws. We will be attentive to these publications to delve deeper into this topic.
The lawyers in the Banking and Finance area are at your service to resolve any questions regarding the above.
For more information contact:
Juan José López de Silanes | Partner Basham, Ringe and Correa | lopez_de_silanes@basham.com.mx
The year 2024 began with important legislative developments in Uruguay regarding the defense of competition, referring in particular to the regulations for the control of economic concentrations.
On January 1, 2024, the modifications to Law No. 18,159 on the Defense of Competition (hereinafter the “LDC”) included in the Accountability Law No. 20,212 came into force. We comment below on the main developments.
I. Modifies the billing threshold applicable to economic concentrations. It goes from a joint billing of the parties, in any of the last 3 fiscal years, from 600 million indexed units (tax included), approximately 90 million dollars, to 500 million indexed units (tax-free), currently close to 75 million dollars.
II. It incorporates an exception to the prior authorization regime for low-impact operations (“de minimis” rule). It establishes that, in addition to meeting the billing threshold indicated in the previous point, the minimum individual billing (tax-free) of two or more participants in the operation must be, in any of the last 3 fiscal years, equal to or greater than 30 million indexed units, approximately 4.5 million dollars. If this condition is not met, the transaction does not require authorization. Those who take advantage of the exception must also notify the Commission about the operation. Once notified, the Commission may determine by reasoned decision, within a period of 15 business days from notification, whether the operation requires authorization. In this way, the legislator tried to prevent what some local politicians and economists called “pac-man” acquisitions (repeated acquisitions of low-billing companies) from being left out of the prior control system.
III. Incorporation of “joint ventures” to the list of economic concentration operations and definition of “control”. The new wording of article 7 of the LDC expressly includes the creation of joint ventures in the list of economic concentration operations subject to authorization (if the indicated billing thresholds are met). Likewise, a definition of the term “control” is incorporated, which is understood “as the possibility of continuously and decisively influencing, directly or indirectly, the strategy and competitive behavior of one or several entities.”
IV. Referral to the general rules of the common administrative procedure. The new wording of article 29 of the LDC establishes that in everything not provided for in said law or in its regulatory decree, the provisions of Decree No. 500/991 will apply, that is, the general rules of the common administrative procedure. Previously, the LDC only referred to these rules for the investigation of anti-competitive practices and not for the prior control regime.
The Accountability Law also establishes that the Executive Branch will approve specific regulations related to the criteria to quantify notification thresholds, as well as the requirements and conditions that notifications and requests for authorization of economic concentration must meet.
With the intention of monitoring correct compliance with tax and customs obligations, the Tax Administration Service (“SAT”) released its Master Plan for the year 2024.
The Master Plan strategy is focused on 3 main axes: taxpayer service, collection and inspection.
For the collection and inspection strategy, during this year, the SAT will concentrate its reviews on the following economic sectors:
On the other hand, the concepts and behaviors of special interest to the tax-customs authority will deal with the following:
Use of private pension plans, similar, subcontracting and RESICO;
Improper application of balances in favor, VAT rate 0%, non-object VAT and import VAT;
Corporate restructuring and tax effects in spin-offs, mergers and international restructurings;
Disposals of shares and intangibles;
Review of partners and shareholders in operations associated with restructuring;
Fiscal losses and incentives, as well as REFIPRES;
Foreign trade operations and anti-smuggling operations;
Misuse of treaty benefits and origin verification;
IEPS Accreditation;
Non-compliance with IMMEX Programs, temporary imports and import permits;
Undervaluation based on incorrect customs valuation, tariff classification and inconsistent declarations in the petitions;
Financing, capitalization of liabilities and distribution of profits;
Trusts and credit intermediation companies;
Volumetric controls; and
Technological, commerce and electronic collection platforms.
The SAT will implement various activities, among which the following stand out:
Strengthen attention to taxpayers.
Guide and accompany debtors of tax credits for the regularization of their debts and the voluntary and timely compliance with their tax obligations.
Apply benefits in cases of self-correction due to audits.
Improvements in declarations.
Use of artificial intelligence for better planning in collection processes, with the purpose of reviewing certain items, among which are: outsourcing of payroll payments, inappropriate applications of balances in favor of VAT, foreign trade taxes, among others .
Finally, to avoid bad fiscal practices, the authority will carry out collection and inspection actions aimed at combating irregularities in tax and customs matters, such as:
Targeting taxpayers with tax credits due to collection potential.
Strengthening “persuasive” actions for the collection of tax credits.
Increase in collection actions for taxpayers with unsecured tax debts.
Coordination with Federal Entities to increase audits, operations, inspection and collection of tax debts.
Restriction of digital seal certificates to taxpayers with simulated operations.
Monitoring of taxpayers who do not comply with the deadlines in the payment of their tax obligations.
Derived from the above, it is clear that through the Master Plan for fiscal year 2024, the tax authorities seek to continue increasing collection efficiency through inspection and management actions; focusing this year on certain specific industries, concepts and behaviors.
For more information contact:
Juan José López de Silanes | Partner Basham, Ringe and Correa | lopez_de_silanes@basham.com.mx
